Sweden to Increase Defence Spending to 3.5% of GDP by 2030
COPENHAGEN (Reuters) - Sweden provisionally plans to raise its defence spending to 3.5% of GDP by 2030, a bigger and faster ramp-up than previously planned, Prime Minister Ulf Kristersson said on Wednesday.
Defence spending has so far been projected to reach 2.4% of GDP this year and 2.6% in 2028, but government ministers have acknowledged more will be needed amid U.S. warnings that European security can no longer be Washington's primary focus.
The government believes NATO will soon set a goal for member states to spend between 3% and 4% of GDP, and Sweden will meet the new target, with a provisional estimate set at 3.5%, Kristersson told a press conference.
"It is difficult to know exactly where it will land. We are pushing for it to be high enough to significantly increase the European NATO countries' ability to defend Europe," he said.
(Reporting by Stine Jacobsen and Terje Solsvik, editing by Louise Rasmussen)
